The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-02-24
COUPONS.
The Virginia State Debt.
To he People Of Virginia :

10 Wf Itpt V '"y"t"
At % mceungof Virginia Bondholders, con
yencl by tle Council OF Foreign BondholdcIs,
and held On Friday. the A,h OF september
lSH, zoo the OauuOn-Street Hotel, lOhuol'
The following resolutions were passed unanl
mOu>Iy:
"1hat this meeting depores the long contest
into which the hOudhOldcrs have been lOrcGd
for thc maintenance Of their rights, ana, Whlle
asserting Dos S,eadtust determination not 10 ac-
Cept the NddlcUcrgcr settlement, Whlch, IN
view Oi the admitted ability OF Virginia 10 set
De with beer creditors. and the sacrlices Jhey
have already made ON her behalf, IL coiSldeis
dishonest and unjust. hereby expresses us
willingness tO meet the state and entertain "a
reasonable compromise based upon the pres
emf taxation and the available revenue aIter
providing for the Constitutional appropriation
for government, schools, and other puDhc eX-
ptuIturD'
The State had the bcnef of the whole of the
money She originally borrowed (S3i.OWUUO). IL
Hl the foundation OF her roads. railways anu
canals, and has brought millions of dollars
INTO the country. Had you not constructed
lnD,e public works with the bOndhOidcIs
money You would have 20 be taxed now Ior
hem.
NO state which borrowed money ever en-
JQyed the benefit of its loans more than v II
Eina has done. See Senate Document NAlN
Session, lS,1-'7S.I
The present unsettled condition of the debt
N Keeping capital and immigration out OF VII
WI. never develop the splendid resources OF
th STATEN the way they deserve.
Inc revenue OF Virginia Is increasing. Inc
last assessment shows an increase of S55,UU,-
Ny in taxable values. Your present revenue
might Doe largely increased If the taxes were
more carefully collected and the present as
ts'iuents ON property egualized Throughout
What might have been difficult to do rev
years ago is easy now, and each year the bur
Den viii become lighter. When the debt qucs-
Ton is settled capital and enterprise, which
now holds alOOf will How into the state.
The settlement offered by the bondholders
proposes that the bonds now III existence bear
ing TAX receivable coupons should be deposited
ih some trust company; that new bonds shOuld
pr ISSUED ln their place, bearing no TAX -recelV
able coupons and at "A low rate Of interest.
" men the State pays half-years interest on
the new bonds, the taX-receivable coupons Tor
that half year shall be cut on the ola bonds py
tnc trust company, cancelled, ana uehNercu 10
the state. ANY increase on the present reVe-
hue viii be appropriated by the state, ana
lhe DOndhOlders will not have any claim on H.
- mere was "a cash balance last July IN the
treasury Of $73, 600, and the average purchase
vi hddlebcrger 3's by the State has been at
ttne rate Of 100000 per annum in cash. Inc
STATE has some millions Of dollars OF assets
ment
The bOndhOlders are as deeply interested as
you are In maintaining the credit and prosper
IVY Oh your state. They ask for tair nearing
ana discussion of the question by business
men ana not by politicians. whose interest ~
Is " prevent an understanding being arrived
al and an honorable compromise made.
Ihe best way Of bringing about this settle
heht j. for taxpayers TO tender coupons In
Payment Of their taxes. In view OF the con
olliatory spirit and liberal offer made by the
creditors ] venture respectfully 10 submit 10
you That II is your moral duty, as well rs your
,,egal night and privilege, 20 tender coupons Tor
tA1ee now due. JAMES =. COOPER.
nO25